Reuters: Hot Stocks: Miners push UK's FTSE off 1-month highs

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Miners push UK's FTSE off 1-month highs Sep 13th 2013, 11:13 Fri Sep 13, 2013 7:13am EDT * FTSE down 0.2 pct in mid-session trade * Miners impacted by fall in metals prices By Sudip Kar-Gupta LONDON, Sept 13 (Reuters) - Britain's top share index was pushed off one-month highs on Friday by a fall in mining stocks as the market anticipates the U.S. Federal Reserve winding down its economic stimulus. The benchmark FTSE 100 index was down by 0.2 percent, or 12.37 points, at 6,576.61 points in mid-session trade. Miners dominated the FTSE's loserboard and gold fell to a 5-week low while London copper futures headed for a similar fall. "The decline in both base and precious metals is putting pressure on the mining sector this morning, keeping the FTSE 100 resolutely below the 6,600 level," said IG senior market strategist Brenda Kelly. Anglo American fell 3.7 percent to make it the worst-performing FTSE 100 stock, while the broader FTSE 350 Mining Index declined by 2.2 percent. Equity markets are under pressure from the prospect that the Federal Reserve will start next week to scale back a bond-buying programme that has pumped out cheap money, financing much of this year's global equity rally. EGR Broking managing director Kyri Kangellaris said he would not add new positions betting on further market gains for now. "I wouldn't have fresh 'longs' out at this stage," he said. The FTSE 100 raced to a 13-year high of 6,875.62 points in late May then lost ground in June as expectations grew of a shift in Fed policy, before recovering in July. The FTSE remains up 11 percent since the start of 2013. (additional reporting by Alistair Smout; Editing by Ruth Pitchford) Link this Share this Digg this Email Reprints

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